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Here’s Everything You Need to Know About Cancer Insurance Policy

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Any insurance designed to control the financial risks connected with being diagnosed with any type of cancer is known as cancer insurance. Not only does cancer insurance aid with treatment costs, but it also provides financial assistance to policyholders in the form of payouts after a positive diagnosis.

A cancer policy’s proceeds are usually paid out at various stages of diagnosis and treatment for both big and small illnesses concerning various stages of cancer. The insurance policy is what you need when you have a critical disease like cancer that has a high cost of treatment.


What Is The Right Time To Invest In A Cancer Insurance Policy?

Generally, cancer-related claims are not covered by standard health insurance policies. As a result, cancer insurance is a very valuable add-on to a pre-existing health insurance policy. However, it is always better to be prepared before you’re hit by the illness. Cancer can affect everyone, regardless of gender, age, occupation, lifestyle, or health status. As a result, cancer insurance is strongly advised. You may purchase a cancer insurance policy if:

  • You have a family history of cancer, which means you and your relatives are genetically prone to the disease.
  • If you believe your environment and lifestyle in any way predispose you to cancer.
  • You lack the necessary finances to pay off large medical expenditures incurred as a result of a long-term illness.
  • You already have a standard health insurance policy, but you’d like to get supplemental coverage on top of it.
  • You are the lone family member with a consistent salary and wish to avoid future healthcare bills.

What Are The Exclusions To A Cancer Insurance Policy?

Different insurance firms offer policies that cover various types of cancer. It’s critical to double-check the types of cancer covered by a cancer insurance policy before making a purchase. The policy can exclude certain types of cancer, but the exclusions vary. Some such exclusions are:

  • Skin cancer
  • Types of cancer are caused or exacerbated by sexually transmitted illnesses, AIDS, or HIV, either directly or indirectly.
  • Any type of congenital defect
  • Contamination by nuclear, biological, or chemical agents.

While purchasing a cancer insurance policy, keep in mind the exclusions. However, the above exclusions may differ from insurance company to company.

What Are The Stages That A Cancer Insurance Policy Considers?

Carcinoma in Situ (Pre-Cancer), Early Stage, and Major Stage are the three phases covered by cancer insurance policies. If you’re diagnosed in the advanced stages, you’ll get a full payout of the cancer insurance policy. However, this varies with every insurance company. Also, the percentage fluctuates depending on the policy.

A cancer insurance policy covers most types of cancer at various stages and severity levels. It provides a one-time payment that covers all expenditures connected with cancer diagnosis and treatment, such as hospitalization, radiation, chemotherapy, and surgery, among other things.

How Much Does A Cancer Insurance Policy Costs?

The cost of a cancer insurance policy is determined by the amount insured, the insured’s age and the characteristics/ benefits offered by the plan. These could include premium waivers, income benefits, and sum insured indexation.

A cancer policy with greater coverage may be more expensive. However, it deserves to be one of your top options for cancer insurance. Before purchasing a cancer insurance policy, you should think about the waiting time, survival period, entry age, and maximum policy term.

To assist you in acquiring a quotation for cancer insurance, most insurance companies like Care Insurance offer an online premium calculator that you can use.

Are Cancer Insurance Policies Taxable?

Cancer insurance policies are tax-deductible. In addition, according to current tax legislation, cancer insurance premiums may qualify for tax deductions under Section 80D of the Income Tax Act of 1961.

Deduction for a premium paid towards a Cancer Insurance Plan for self, spouse, or dependent children, up to a maximum of Rs. 25,000, plus an extra Rs. 25,000 for parents. The deduction limit for senior citizens’ parents is Rs. 30,000.

Keep in mind that you’re expanding your coverage when you get cancer insurance online to supplement your health insurance. So, when looking for good cancer insurance coverage- choose a plan that covers all stages of cancer and doesn’t have too many exclusions.

Amongst the others, some renowned insurance providers, such as Care Insurance, offers cancer plans that payout immediately after cancer is diagnosed. It is not necessary to wait until cancer has progressed to a certain stage or severity level. So, choose the best cancer insurance policy today!


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